The Political Economy of the Asian Financial CrisisInstitute for International Economics, 2000 - 272 ˹éÒ The Asian crisis has sparked a thoroughgoing reappraisal of current international financial norms, the policy prescriptions of the International Monetary Fund, and the adequacy of the existing financial architecture. To draw proper policy conclusions from the crisis, it is necessary to understand exactly what happened and why from both a political and an economic perspective. In this study, renowned political scientist Stephan Haggard examines the political aspects of the crisis in the countries most affected--Korea, Thailand, Malaysia, and Indonesia. Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard and corruption, as well as the politics of crisis management and the political fallout that ensued. He looks at the degree to which each government has rewoven the social safety net and discusses corporate and financial restructuring and greater transparency in business-government relations. Professor Haggard provides a counterpoint to the analysis by examining why Singapore, Taiwan, and the Philippines escaped financial calamity. |
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... loans and deposits . Both measures had profound implications for the FIDF , to which the remaining finance companies increasingly turned for support . Not only did Chart Pattana succeed in preventing the closure or merger of the 16 ...
... loans extended to affiliated parties and that all bank obligations obtained from central bank liquidity support be transferred to IBRA , which would convert them to equity or subordi- nated loans . The presumption was that some of the ...
... loans , a variety of ad hoc efforts emerged that were driven in part by efforts of competing ministries ( and their ministers ) to protect budget shares.15 By the summer of 1998 , however , the overall context for the formulation and ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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